Noida Authority Acts on AMG's Outstanding Dues

The Noida Authority ordered the attachment of properties belonging to AMG over dues amounting to Rs 2,409.77 crore. AMG contested the dues amount, proposing to pay 25% as per the Amitabh Kant committee recommendations. The authority plans to auction properties to recover the dues while ensuring flat registries for buyers.

The Noida Authority has taken a stringent step against realty group Aims Max Gardenia (AMG), mandating the attachment of its properties for pending dues amounting to Rs 2,409.77 crore over two land allotments.

However, AMG has disputed the dues, asserting they only owe around Rs 1,050 crore. The group expressed willingness to pay 25% of this amount, in line with the Amitabh Kant committee's recommendations for stalled housing projects, facilitating flat registries.

According to the Noida Authority, AMG's pending dues consist of Rs 1,717.29 crore for a plot in Eco City, Sector 75, and Rs 692.48 crore for another plot in Sector 46. The authority plans to auction assets, including 60,000 sq meters of commercial property and 122 sealed flats, to recover the dues.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)